The USD/JPY has been stuck in a range. Yesterday’s drop was cause by a stop triggering below 112.40. Similar thing happened with equity markets but the drop was all later erased.
The USD/JPY erased its losses during the Asian session and formed an emerging bullish pattern. Inverted head and shoulders formed after double bottom-ish price at W L1 camarilla pivot. A close above 112.80 will imply new bullish wave towards 113.37. Only a break and close below 111.63 will provide bears with additional momentum and strength.
Many green pips,
Nenad Kerkez aka Tarantula FX